30 founders in a16z portfolio had their bank accounts closed, Solana ecosystem projects focus on de-banking narrative

Marc Andreessen, co-founder and billionaire of a16z, recently said on "The Joe Rogan Experience" that 30 founders of the a16z portfolio had their bank accounts closed (debanked). In response, people in the crypto industry condemned the US banking system. Shimon Newman, research director of Squads Labs, introduced in a report the federal government's attempt to deprive cryptocurrency entrepreneurs and startups of their bank accounts, which is called "Operation Chokepoint 2.0" in the cryptocurrency field. The report highlights how US regulators believe that cryptocurrencies are very risky, and this view extends to financial technology and payment service providers. As a result, a large number of bank accounts have been closed, but detailed data on the specific number of bank accounts closed related to cryptocurrencies remains limited. The report cited data that current anti-money laundering operations have intercepted about 0.1% of money laundering funds, of which less than 1% of cryptocurrency trading volume is illegal. Squads said that its smart wallet application has begun to provide "virtual US bank accounts" that can accept bank transfers and convert US dollars into stablecoins at low fees, and will not provide credit-related services such as loans for the time being. In addition, Iron has also built an "on-chain bank" on Solana, and it is worth mentioning that the public information of its founder focuses on the benefits of stablecoins. Nick Cavet, founder of CFX Labs, also introduced the idea of ​​"rebanking" of his startup, that is, US dollar deposits can be tokenized and run with the traditional banking system. Serj Korj, co-founder of Solana incremental subscription app DePlan, launched another program called Subdoor, which allows people to pay for subscriptions with cryptocurrency. He also tends to de-bank the narrative. (Blockworks)